Japan has made a rare purchase of Black Sea-origin corn (maize), thought likely to come from Ukraine, European traders said on Wednesday. Details were unclear but traders said the volume was thought to be between 75,000 and 100,000 tonnes in three consignments for December shipment.

 

The United States is the dominant supplier of corn to Japan and the deal was seen as likely to be a major disappointment to US exporters. "That is not good for US exports and we have been pretty light already," a US grain trader said. European traders thought more Japanese purchases of Ukrainian corn could take place in coming weeks.

 

"US corn is simply too expensive and the Black Sea region is more price-competitive especially in view of the recent dramatic fall in costs for ocean shipping," one European trader said, explaining the purchase.